Moody’s Analytics and Shanghai Rural Commercial Bank (SRCB) have won Compliance Risk Technology Implementation of the Year in the 2020 Asian Banker Risk Management Awards. SRCB, which has a long-standing relationship with Moody’s Analytics, recently implemented new solutions to meet the IFRS 9 accounting standard.
The bank’s goal was to be able to meet regulators’ requirements in advance of the deadline. That meant less time to complete the implementation, but that challenge was met, with the project concluding on schedule and ahead of SRCB’s target completion date.
Incorporating the new capabilities has allowed the bank to automate its entire calculation process, saving valuable time and resources. With a now centralized impairment workflow, SRCB can proactively manage impairment across its portfolios, and its risk management department is able to analyze their impairment profile more deeply and from different angles. After the implementation, reports that the bank was previously able to produce monthly are now being produced every day.
“We are gratified to win this Asian Banker award with our colleagues at Moody’s Analytics,” said the Chairman of Shanghai Rural Commercial Bank, Li Xu. “Adopting the IFRS 9 standard is a significant event for our institution. For the first time, we are integrating risk and financial data and then applying it not just to financial reports but to our day-to-day business practices. Our existing relationship with Moody’s Analytics gave us confidence that the implementation for IFRS 9 would be smooth and well-coordinated, and those expectations were well met.”
“We’re pleased to share this recognition with Shanghai Rural Commercial Bank,” said Tianwei Zhu, Managing Director at Moody’s Analytics. “We are proud that they were able to rely on us for this essential project. Our software, data, analytics, and expertise are now helping SRCB to meet the new standard and operate more efficiently.”